STATE AND LOCAL TAX AND FINANCIAL SERVICES

Unclaimed Property Services

Unclaimed property is one of the largest areas of financial concern for many companies. Although not “per se” a tax, most states look to unclaimed property as a major source of revenue. Once considered an area of passive enforcement, today state administrators have embarked on an aggressive campaign to ensure companies are properly reporting and remitting unclaimed property that arise from normal day-to-day business activities. Even the most diligent and sophisticated company is exposed to under or over reporting its liability due to the myriad of reporting and compliance requirements that exist for all 50 states and U.S. territories

There are considerable steps that can be taken to proactively manage a company’s unclaimed property responsibilities. Our unclaimed property specialists provide comprehensive services including:

Ⅰ. Advisory Services

  • Identify types of property subject to escheatment
  • Quantify prior years’ exposure by state, property type and year
  • Perform reverse reviews to ensure companies remit the correct amount required by each state
  • Negotiate voluntary disclosure agreements with state to mitigate exposure
  • Perform accounting process or Sarbanes-Oxley review to document, design and implement policies and practices surrounding identification, tracking and reporting unclaimed property
  • Design “best practice” internal controls for managing the data gathering and reporting process
  • Provide proactive transaction planning, including gift card planning, M&A reviews and mitigation strategies

Ⅱ. Compliance Services

Perform complete property tax services, including valuation analysis and protest, personal property compliance, tax bill processing and tax bill payment.

Ⅲ. Property Tax Consulting

  • Transition and gather data
  • Search for statutory and administrative exemptions
  • Manage the due diligence process
  • Effect payment of affirmative due diligence responses
  • Prepare annual state reports
  • Effect payment of remittances
  • Provide timely status reports

Ⅳ. Unclaimed Property Technology Portal Security

  • Secure web access to the portal
  • Role-based controls limiting access by data type or data owner
  • Dedicated database for storing data

Ⅴ. Data Management

  • Upload multiple file types up to 1 GB in size
  • Tools for manipulating data to ease the review process
  • Inactive property and electronically attach supporting documentation
  • Archive property that has been remitted to either the appropriate owner or state

Ⅵ. Reporting

  • Standard reports provide visibility into all aspects of pending property and property within the due diligence and reporting process
  • Filter and sort reports by standard and client defined data fields
  • Export reports to Excel or PDF

Contact us to learn more

Phone: (714) 434-6700
Fax: (714) 640-8645